Spanish polyols supplier reports nine-month net income loss

ERJ staff report (UTI)

Madrid − Polyols supplier Repsol YPF SA reported net income of $1.9bn (€1.4bn) during the first nine months of 2013, 17.4 percent lower than the same period in 2012, reported Urethanes Technology International.

However, the company said its adjusted net income from continuing operations stood at €2.12bn, an increase of 9.4 percent during the same period in 2012.

The company said its businesses performed well—reflected by an overall production increase of 1.5 percent—despite the negative effect of economic weakness in Europe on refining margins and the temporary production shutdowns in Libya.

The company's upstream unit posted a nine-month operating income of $2.08bn (€1.5bn), 14.2 percent less than the amount posted for same period in 2012.